Last night, before going to bed, I skimmed through a whitepaper for a certain RWA project, and the more I read, the more it felt like that on-chain asset “liquidity illusion” is pretty subtle. They say they’re tokenizing real-world income rights, but in the redemption terms—those lock-up periods and discount thresholds—what it really comes down to is still looking at how the underlying assets perform. It’s not that it’s necessarily bad; it’s just that everyone keeps focusing on whether TVL is rising or falling, but when you get to the moment of redemption, the on-chain “slide” might be steeper than the curve.

I also thought of that social mining setup: fan tokens always say “attention is mining,” but once you factor in the deposit/withdrawal fee rates, not many people truly want to long-term lock their tokens. Anyway, I can’t really get it right—I just sometimes browse these whitepapers as if I were looking at a tide chart, and I’m not sure if I’m overthinking it.